ACWA Power to launch new clean energy company

09/11/2016 Argaam

Saudi Arabia-based ACWA Power is set to launch a new company that will group its existing renewable energy portfolio and help it tap into growing demand for clean energy in emerging markets, the firm said on Wednesday.

 

The new company – ACWA Power RenewCo - will be headed by Chris Ehlers, currently the chief operating officer – Renewables at ACWA Power. He will serve as CEO of the new firm, the statement said.

 

“We currently produce over 1 GW of renewable power in markets which have an energy gap. Given our commitment to renewable energy and the ambition of the region in which we are focused, I see enormous potential to increase our renewables portfolio,” Ehlers said.

 

ACWA Power is currently present in 11 countries across the Middle East and North Africa, Turkey, Southern Africa and South East Asia regions. The firm has a portfolio with an investment value of more than $33 billion.

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